USDCAD – US Dollar Remain In Driver’s Seat

The US Dollar blasted higher versus the Canadian dollar recently and traded above the 1.3080 resistance.

There is an ascending channel pattern formed on the hourly chart of the USDCAD pair, which is currently acting as an upside move catalyst.

There is a bullish trend line as well on the same chart, which may act as a support area.

This week, there is only one release in Canada, which is the Manufacturing Shipment by the Statistics Canada.

USDCAD Technical Analysis

The US Dollar enjoyed a nasty upside move versus the Canadian dollar during the past few days. The USDCAD pair broke a couple of important resistance levels, including 1.3000 and 1.3080.

The pair may remain in an uptrend, as there is an ascending channel pattern formed on the hourly chart of the USDCAD pair. Moreover, there is also a bullish trend line as well on the same chart, which can act as a support if the pair moves down.

On the upside, the next hurdle can be around the 1.3140 level.

Canadian Manufacturing Shipment

This week, there is no major economic release in Canada. On Friday, there is a low risk event. Manufacturing Shipment, which examines overall Shipments of Canada will be released by the Statistics Canada.

There won’t be any major impact on the Canadian dollar post the stated release. Tomorrow in the US, the NFIB Small Business Economic Index by the NFIB Research Foundation that point Trends data with quarterly surveys since 1974 and monthly surveys will be released. The market is expecting a decline in the index from 94.6 in August 2016. If there is a decline, then the USD may come under pressure.

At present, the USDCAD pair is trading with a bullish tone, and may continue to move higher.

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